What is Tax Preparation Software Market?
Tax preparation software is the software which helps the individuals or companies prepare for and file income, corporate and similar tax returns. It streamlines the process of filing taxes by walking the user through tax forms and issues and also automatically calculates the individual's or company's tax obligations. The personal tax software applications are now available in the traditional physical box software format as well as in hosted online service (SaaS) formats. The tax preparation software solutions offer real-time business visibility through its easy to create reports.
Highlights from Tax Preparation Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Intuit, Inc. (United States), TaxAct (United States), CompleteTax (Netherlands), Jackson Hewitt (United States), H&R Block (United States), Franchise Group, Inc. (United States), TaxSlayer (United States), Avalara Inc. (United States), Chetu, Inc. (United States) and Drake Software (United States) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Tax Preparation Software market throughout the forecasted period.
Intuit, Inc. (United States), TaxAct (United States), CompleteTax (Netherlands), Jackson Hewitt (United States), H&R Block (United States), Franchise Group, Inc. (United States), TaxSlayer (United States), Avalara Inc. (United States), Chetu, Inc. (United States) and Drake Software (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Sage Group PLC (United Kingdom), Thomson Reuters Corporation (Canada) and Vertex, Inc. (United States). Tax Preparation Software Market Segmentation:
Scope | Sub-Segments |
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End users | Individual,Commercial enterprises |
Tax type | Income Tax,Corporate Tax |
Industry Vertical | BFSI,IT and Telecom,Healthcare,Government,Retail,Others |
Deployment | On premise,Cloud |
On the basis of geography, the market of Tax Preparation Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Demand of Cloud-Based Technology is Increasing the Demand of Cloud Base Tax Software
Market Growth Drivers:
Increasing Demand of Tax Software by Various End Use Industries and Rising Number of Digital Solutions is Fuelling the Market Growth
Challenges:
Lack of Skilled Professionals
Restraints:
Concerns Related to Data Security and Network Issue
Opportunities:
Increasing Technological Advancements in Tax Software and Growing Investments by End Use Industries
Key Target Audience
Government associations, Research organizations, Software vendors and Others
Market Leaders & Development Strategies
In November 2022 Intuit acquires Exactor, a maker of sales tax compliance software. Exactor is related to sales tax compliance where service providers such as ADP and Paychex pay tax compliance. The company offers a next-generation, cloud-based SaaS solution that enables retailers of all sizes to fully automate the end-to-end process of sales and use tax management while providing customers with an amazing filing and payment experience. By integrating this feature into QuickBooks Online, retail customers can easily and accurately track and file sales tax returns.
On June 2019, Wolters Kluwer Tax & Accounting has announced the launch of TaxWise Mobile which is a new mobile interface designed to streamline tax preparation for those preparers who have a heavy focus on individual tax returns or a strong seasonal presence.